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State of Wisconsin Investment Board

State of Wisconsin Investment Board Portfolio holdings

AUM $43.7B
1-Year Est. Return 27.76%
This Fund
S&P 500
This Quarter Est. Return
+13.3%
1 Year Est. Return
+27.76%
3 Year Est. Return
+95.56%
5 Year Est. Return
+123.77%
10 Year Est. Return
+486.44%
AUM
$41B
AUM Growth
+$2.26B
Cap. Flow
-$1.49B
Cap. Flow %
-3.63%
Top 10 Hldgs %
27.58%
Holding
2,442
New
201
Increased
735
Reduced
1,331
Closed
129

Top Buys

Rank Stock Value
1
RSP icon
Invesco S&P 500 Equal Weight ETF
RSP
+$390M
2
BRK.A icon
Berkshire Hathaway Class A
BRK.A
+$107M
3
XHB icon
State Street SPDR S&P Homebuilders ETF
XHB
+$38M
4
COF icon
Capital One
COF
+$29.9M
5
LBRDA icon
Liberty Broadband Class A
LBRDA
+$28.6M

Top Sells

Rank Stock Value
1
GOOGL icon
Alphabet (Google) Class A
GOOGL
+$398M
2
NVDA icon
NVIDIA
NVDA
+$120M
3
MSFT icon
Microsoft
MSFT
+$107M
4
AAPL icon
Apple
AAPL
+$94.7M
5
ZG icon
Zillow
ZG
+$57.8M

Sector Composition

Rank Sector Weight
1 Technology 27.25%
2 Financials 12.9%
3 Communication Services 10.11%
4 Consumer Discretionary 9.5%
5 Industrials 8.88%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
VITL icon
1901
Vital Farms
VITL
$498M
$410K ﹤0.01%
10,640
-26,329
-71% -$889K
TMDX icon
1902
Transmedics
TMDX
$3.11B
$408K ﹤0.01%
3,041
-1,893
-38% -$208K
LQDA icon
1903
Liquidia Corp
LQDA
$6.45B
$407K ﹤0.01%
32,698
-37,181
-53% -$551K
LXFR icon
1904
Luxfer Holdings
LXFR
$457M
$406K ﹤0.01%
33,338
+19,800
+146% +$222K
RLGT icon
1905
Radiant Logistics
RLGT
$406M
$403K ﹤0.01%
66,211
+611
+0.9% +$3.66K
WEAV icon
1906
Weave Communications
WEAV
$426M
$403K ﹤0.01%
+48,384
New +$469K
AMPL icon
1907
Amplitude
AMPL
$1.66B
$401K ﹤0.01%
+32,302
New +$349K
IHD
1908
Voya Emerging Markets High Income Dividend Equity Fund
IHD
$134M
$401K ﹤0.01%
67,425
– –
NATR icon
1909
Nature's Sunshine
NATR
$269M
$399K ﹤0.01%
27,000
+1,900
+8% +$25.7K
CLW icon
1910
Clearwater Paper
CLW
$354M
$398K ﹤0.01%
+14,596
New +$394K
WLY icon
1911
John Wiley & Sons Class A
WLY
$2.63B
$397K ﹤0.01%
8,900
-3,227
-27% -$136K
ABCB icon
1912
Ameris Bancorp
ABCB
$6B
$397K ﹤0.01%
6,135
-596
-9% -$35.3K
STOK icon
1913
Stoke Therapeutics
STOK
$2.02B
$395K ﹤0.01%
34,798
-2,808
-7% -$26.7K
GOOD
1914
Gladstone Commercial Corp
GOOD
$641M
$394K ﹤0.01%
27,513
-12,885
-32% -$183K
AVIR icon
1915
Atea Pharmaceuticals
AVIR
$406M
$394K ﹤0.01%
109,340
+11,213
+11% +$33.4K
HELE icon
1916
Helen of Troy
HELE
$699M
$393K ﹤0.01%
+13,856
New +$425K
WSBF icon
1917
Waterstone Financial
WSBF
$385M
$392K ﹤0.01%
28,400
+6,700
+31% +$85.8K
DMRC icon
1918
Digimarc Corp
DMRC
$158M
$392K ﹤0.01%
29,670
+9,019
+44% +$116K
ITGR icon
1919
Integer Holdings
ITGR
$4.25B
$391K ﹤0.01%
3,180
-1,467
-32% -$175K
CYRX icon
1920
CryoPort
CYRX
$766M
$389K ﹤0.01%
52,164
-17,700
-25% -$110K
UNIT
1921
Uniti Group
UNIT
$2.38B
$388K ﹤0.01%
89,886
+63,562
+241% +$285K
MEC icon
1922
Mayville Engineering Co
MEC
$597M
$388K ﹤0.01%
24,297
+9,500
+64% +$136K
SWBI icon
1923
Smith & Wesson
SWBI
$643M
$387K ﹤0.01%
+44,613
New +$423K
ASB icon
1924
Associated Banc-Corp
ASB
$6.07B
$385K ﹤0.01%
15,789
-704
-4% -$15.9K
WGS icon
1925
GeneDx Holdings
WGS
$2.36B
$382K ﹤0.01%
4,135
-1,377
-25% -$108K
75 76
77
78 79

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State of Wisconsin Investment Board's Q2 2025 Portfolio in Review

As of Q2 2025, State of Wisconsin Investment Board held 2,442 positions worth $41B, up 5.8% from $38.7B the previous quarter. Its ten largest holdings account for 28% of the portfolio.

State of Wisconsin Investment Board withdrew a net $1.49B in Q2 2025, closing 129 positions and reducing 1,331 holdings. Its most notable exit was Discover Financial Services, an estimated $25.4M position sold in full.

By sector, the portfolio is most concentrated in Technology at 27% of assets, up from 25% a quarter earlier, followed by Financials and Communication Services.

Against the trend, State of Wisconsin Investment Board opened a new position in State Street SPDR S&P Homebuilders ETF worth $39.4M.

  • State of Wisconsin Investment Board's largest Q2 2025 buy was State Street SPDR S&P Homebuilders ETF: 400,000 shares worth $39.4M.
  • State of Wisconsin Investment Board added most to Invesco S&P 500 Equal Weight ETF in Q2 2025, an estimated $390M increase.
  • State of Wisconsin Investment Board's biggest Q2 2025 reduction was Alphabet (Google) Class A, cutting an estimated $398M.
  • State of Wisconsin Investment Board fully exited Discover Financial Services in Q2 2025, selling an estimated $25.4M.
  • State of Wisconsin Investment Board's ten largest holdings make up 28% of its $41B portfolio in Q2 2025.
  • State of Wisconsin Investment Board opened 201 new positions and closed 129 in Q2 2025.
  • State of Wisconsin Investment Board's portfolio value rose 5.8% quarter-over-quarter to $41B.

Based on State of Wisconsin Investment Board's 13F filing for Q2 2025, filed 14 Aug 2025.